About John Adent
John Adent, President and CEO of Neogen, discussed the company's acquisition of 3M's food safety business in a September 2022 interview on CNBC's "Mad Money." He stated that the business was one Neogen had "admired for a long time" and described it as "a great complementary fit." Adent said the deal "doubles the size of our business" and would allow Neogen to reach more customers while driving the industry forward through data analytics and blockchain solutions. He explained that blockchain technology enables traceability, giving an example of being able to tell a customer where an animal lived and what it ate from a sample of beef.
In a December 2020 earnings call for the first quarter of fiscal year 2021, Adent reported increased revenues and net income despite the COVID-19 pandemic. He noted that Neogen made sanitizers and disinfectants available outside traditional markets to assist civic efforts against COVID-19. Adent also highlighted the launch of the Solaris next-generation test system, doubled revenues in China, and growth in rodenticide sales in the Pacific Northwest and metropolitan markets. He stated that Neogen was investing in R&D and pursuing acquisitions to stay competitive.
Source: AI-verified profile updated from John Adent's recent appearances.
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Transcript (7 segments)
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Jim Cramer0:00
Now I think that the actual structure does confuse people a little when they hear that reverse merger. It's trusting it to work, but the basis is that your company, well, you have 49.9% of 3M and 50.1%, but you are running the show, correct?
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John Adent0:14
Yeah, that's exactly right. You know, that's a business that we've admired for a long time, that 3M business, and we think it's a great business, it's a great complementary fit for us. They've got tremendous IP, they've got employees that are passionate about food safety just like we are, and by bringing it into us, we can allow and give them the resources they need to grow and the focus they need because every day we get up, we're just like you, Jim. We get up, we roll up our sleeves, we go to work, and we protect the world's food supply.
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Jim Cramer0:44
Now I figured that with a giant company like 3M, which I most admire, that my father worked for for a time, that this is an afterthought for them. As great as they are, it can't be more than that because it just couldn't scale. But for you, their afterthought is gigantic for Neogen.
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John Adent0:59
Oh, it does. It doubles the size of our business, and it really allows us to reach more customers more often with a real unparalleled product offering. And not only is it going to do that, it's going to help us drive this industry forward through our data analytics platform and our blockchain solutions that really increase the efficiency, the traceability, and enhance the food safety protocols for customers.
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Jim Cramer1:20
I'm glad you brought up the blockchain because I wanted to go there. You basically know where something came from, and that we hear about blockchain and crypto, this is how blockchain really works, correct? You are identified, you know exactly what lot, where it came from, if it's poisoned, you know.
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John Adent1:36
Yeah, that's exactly right. I mean, our blockchain customers on beef, for example, when you go to the store and buy one of our customer's steaks and you take it home, if you send me a sample, I'm going to be able to tell you where that animal lived, what that animal ate, all the inputs into that animal, every single stop along the way till it got to your dinner plate.
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Jim Cramer1:55
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